Global antioxidants market, which was valued at US$2.1 bn in 2013, is set to expand at a CAGR of 5.6% in the forecast period from 2014 to 2020, reaching a value of US$3.1 bn in 2020.
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Antioxidant can be defined as a substance that prolongs the shelf life of food products by protecting them against deterioration caused by oxidation such as fat rancidity and color changes. These substances are also called shelf-life extenders. Antioxidants are used as food, cosmetics and animal feed additives for various purposes such as to prevent damage of cells, and to reduce singlet oxygen. There are two kinds of antioxidants - synthetic and natural.
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The global antioxidants market is expected to witness substantial growth during the forecast period, particularly due to increasing global meat consumption. Pork meat accounted for the largest share of the overall global meat consumption in the last four years. However, chicken meat consumption experienced high growth over the last four years. The increase in demand for anti aging products is also stimulating the growth of the global antioxidants market. Aging is defined as deterioration of physiological functions in organisms. As people get older their skin loses its defense against external weather due to oxygen deficiency. Increasing pollution is also a major inducer of premature aging by activating metalloproteinases that disintegrate collagen.
Antioxidants act as a remedy to skin aging by dampening free radicals formation in skin. Antioxidants offer protection to the cell membranes and prevent the oxidation process by neutralizing toxic oxygen molecules and free radicals. Along with the food industry, antioxidants are now very popular and extensively used in the cosmetics, health care and food packaging industry.
Asia Pacific has experienced high growth in the forecast period followed by Europe and North America. The demand for antioxidants in Asia Pacific is primarily driven by growing demand for health and dietary supplements. Huge population and growing health awareness in developing nations such as India and China is influencing the growth of the antioxidants market in the region. Currently, natural antioxidants are expensive compared to synthetic antioxidants, and people are expected to shift their consumption from synthetic to natural antioxidants in the coming years. Growing consumer preference for green attributes in food and cosmetics, and health and wellness products is influencing the growth of the antioxidants market. In addition, increasing demand for cosmetic and nutritional products obtained from natural sources is also driving the natural antioxidants market in North America. Growing demand for functional food and beverages in countries such as the U.K., Italy, Germany and Ireland is also contributing to the growth of the antioxidants market in Europe.
The global antioxidants market by product type is segmented into natural antioxidants and synthetic antioxidants. Natural antioxidants market is further sub categorized into rosemary extracts, vitamin A (including carotenoids), vitamin C (including ascorbic acid) and vitamin E (including tocopherols and tocotrienols). Synthetic antioxidants segment includes butylated hydroxyanisole (BHA), butylated hydroxytoluene (BHT) and others (including tert-butylhydroquinone (TBHQ), propyl gallate). The market for synthetic antioxidants is comparatively larger as compared to the natural antioxidants market. Synthetic antioxidants is expected to dominate the antioxidants market throughout the forecast period i.e., 2014 to 2020.The report also provides an understanding of volume (Thousand Tons) and value (USD million) of antioxidants. The study also provides forecast from 2014-2020 and highlights current and future market trends.
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By geography, the market has been segmented into North America, Europe, Asia Pacific and Rest of the world (ROW). The Asia Pacific is further categorized into Australia, China, Indonesia, South Korea, Taiwan, Thailand and rest of Asia Pacific. Moreover, the report also provides the company market share analysis of key players and suppliers in Asia Pacific. Furthermore, the report also covers the antioxidants type and its applications in North America, Europe, Asia Pacific and ROW.
The leading players in Asia Pacific region include Kemin Industries, BASF, ADM and Ajinomoto among others.
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